Applied Materials (AMAT) falls 2.9% amid ongoing analyst day on FY24 EPS Outlook 'Miss'
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(Updated - April 6, 2021 1:19 PM EDT)
Applied Materials (NASDAQ: AMAT) falls 2.9% amid ongoing analyst day:
Lynx Equity Strategies analysts KC Rajkumar, Jahanara Nissar note:
- CFO provided FY24 EPS outlook $8.5 vs. Street expectation ~$10. This is a miss
- Also FY24 WFE was guided to high-end of $100B, below Street expectation of mid-point $100B
- We expect AMAT to pare down some of the recent gains
- As we wrote this AM, we’d be buyers of LRCX and expect Lam to close the recent ~20pp outperformance by AMAT
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